What is the Current Demand for Copper? 

As the world shifts towards renewable energy and greener technologies, copper is quickly becoming one of the most sought-after minerals.

In 2024, the demand for copper has been steadily increasing, driven by the transition to electric vehicles (EVs), expansion of renewable energy infrastructure, and the ongoing electrification of global economies.

At Coda Minerals, we believe that copper is not just a vital commodity, but also a key player in the future of sustainable development. 

Let’s explore why copper is essential and what are the factors fuelling its demand this year.

The copper boom: why demand is surging

As industries move to decarbonise and embrace more sustainable practices, copper’s natural properties make it incredibly valuable. It’s the world’s best conductor of electricity and heat, a durable and versatile material that’s used in everything from electronics and wiring to renewable energy technologies like wind turbines and solar panels. 

But the real driver in 2024? The electrification of our world. 

Copper is used for:

Electric Vehicles (EVs)

The modern shift towards EVs is one of the biggest trends driving copper demand. Each electric vehicle contains roughly four times more copper than a traditional petrol car. This increase comes from the extensive wiring required to power an EV’s electric motor, battery, and charging systems. 

As the global push for EV adoption intensifies, copper will be an essential material in this revolution.

Renewable energy infrastructure

Wind and solar power generation rely heavily on copper for efficient energy transfer. As more countries commit to reducing carbon emissions, we’re seeing unprecedented investments in renewable energy infrastructure. 

Solar farms, wind turbines, and electric grids all require huge amounts of copper to function, further fuelling demand.

Energy storage & electrification

Beyond EVs and renewables, copper is also essential in energy storage solutions, particularly in batteries. Energy storage technologies are crucial for balancing supply and demand in renewable energy grids. 

Additionally, as electrification and energy transition continues across industries—from transportation to manufacturing—copper will remain at the heart of it.

To read more, check out our blog on what copper is used for.

Why copper is critical for a sustainable future

Copper isn’t just valuable because of its physical properties; it’s also a sustainable material, which is why it plays a key role in the circular economy.

Infinite recyclability

One of copper’s most remarkable qualities is that it can be recycled endlessly without losing its essential properties. That means once copper is extracted and processed, it can be reused over and over again. 

This gives it a distinct advantage in the push towards sustainability, where keeping materials in circulation for as long as possible is crucial for reducing waste and minimising environmental impact.

By keeping copper in use, we not only conserve resources but also lower the environmental footprint of mining and manufacturing processes. 

At Coda Minerals, we’re acutely aware of the need to responsibly manage resources, which is why our approach to copper mining is guided by sustainability principles.

Durability in challenging conditions

Copper’s durability under typical environmental conditions makes it an ideal material for infrastructure that needs to last. 

Whether it’s in wiring, plumbing, or renewable energy installations, copper’s ability to withstand the elements means that it’s a reliable choice for projects designed with the future in mind. 

As the world transitions to greener technologies, this durability will help ensure that infrastructure investments are long-lasting and effective.

Global copper supply: meeting the growing demand

The rising demand for copper is undeniable, but it’s creating challenges for global supply chains. Supply constraints, the depletion of older mines, and the difficulty in discovering new copper deposits are making the supply side of the equation increasingly complex.

Analysts are forecasting a copper supply shortfall by mid-decade, driving up copper prices, which could impact global industries relying on the metal. Supply is projected to increase, but not at the pace of demand. This is mainly due to the lengthy process of developing new mines and the ageing of existing ones.

This presents both challenges and opportunities for advanced copper exploration companies like Coda Minerals, who are focused on sourcing ethical, sustainable copper to supply the anticipated deficit. With our Elizabeth Creek Project, we’re positioned to help meet this demand in an environmentally responsible way, all while contributing to the long-term viability of this essential resource.

Coda Minerals’ role in sustainable copper production

Here at Coda Minerals, we recognise that producing copper responsibly is not just a necessity— we see it as our duty. 

The future of copper mining must be sustainable, which is why we’re committed to exploring and developing projects that align with our values of environmental stewardship and social responsibility.

The Elizabeth Creek Project: A green future

Our flagship project, Elizabeth Creek in South Australia, represents the future of copper mining. Situated in a region with the world’s highest percentage of renewable energy in its grid, this unique project offers us the opportunity to produce copper with a significantly reduced carbon footprint. 

By harnessing South Australia’s commitment to green energy, we can minimise our environmental impact while delivering high-quality copper output to meet global demand.

Elizabeth Creek isn’t just a copper project—it represents our vision for how mining can be approached with forward-thinking and ethical practices. From minimising waste and water usage to leveraging local renewable energy, we hope to lead the way in creating a greener future for copper exploration.

 

Copper’s role in the green economy

Copper’s role in the green economy is absolutely vital, and plays a big role in the demand in 2024. As the world transitions away from fossil fuels and towards renewable energy sources, copper will be at the forefront of this transformation.

Copper plays a part in:

Renewable energy grids

As renewable energy generation ramps up, power grids will need to evolve to handle fluctuating supply from wind and solar. Copper will be central to this transition, providing efficient and durable wiring to transport electricity from renewable sources to homes and businesses.

Greater energy efficiency

The efficiency of electrical systems, from appliances to industrial machinery, often depends on high-quality copper wiring. This makes copper a key player in reducing energy waste and ensuring that the green energy we produce is used as efficiently as possible.

Supporting circular economies

By focusing on copper recycling, we can help close the loop in material use, reducing the need for new mining operations and decreasing the overall environmental impact of copper production.

Copper’s moment has arrived

In 2024 and beyond, the world needs copper more than ever. As the demand for renewable energy, electric vehicles, and electrified infrastructure rises, so does the need for this essential mineral. Its role in the circular economy, combined with its ability to be recycled endlessly, makes copper the cornerstone of a sustainable future.

At Coda Minerals, we understand the importance of exploring for copper responsibly, and we’re committed to doing just that. 

By investing in copper today, we’re not just supporting the green economy—we’re building a more sustainable, resilient future for all.